Pentagon Federal Credit Union = Can't beat these loan rates.

[Blade]

Originally Posted by USCG

What makes you say that? I ask b/c I recently just paid in full all my bad debt and paid my two credit cards off... my FICO was really low but now I'm after paying all this stuff off it raises to mid 600's right off the bat... but I dont want to ask for a car load from a different credit union unless I'm sure I can get approved. I currently have a local Credit union I have been in good standing with that I thought about asking first.. Do credit unions take into consideration how long u have been a member or do they just go off the fico?

The speed of the approval process makes me think that. I am an IT Developer, so my assumption is that they have a batch process where they take all the apps, run the credit score and come up with a determination. I am guessin the computer that processes this has a cutoff score and variables such as delinquint (sp?) accounts and other alerts. If the score is below the cutoff and alerts pop up on the report, they probably take a closer look.

Mine went through in 30 secs, and to make sure I called 2 hours later and check if anything else was required and all they asked was the bill of sale and 2 paystubs.

The above is just speculation on my part, but from what I have read any score above 600 is considered credit eligible, if you go below, it gets iffy. When I used to work for a bank, our cutoff for loan approvals was 620.

I am not saying you wouldn't get approved under 600, but I don't think you will get the best rate.

[kardut]

Pen Fed also has something called the payment saver, or something like that. Basically almost like a lease except you own the car (and of course there's no mileage charges, insurance requirements, etc). They figure out what the value of the car would be after the 48 months or whatever your term is, and your payments are based on the difference between that and the purchase price. At the end of the loan, you can either give the car back to PenFed (in which case there would be a mileage penalty for >15k/year), sell it, or keep it and pay the balance. For our purposes, it basically allows us to pay the down payment at the end of the loan term -- which allows us to keep the cash in investments with a much higher yield than the loan rate -- and keeps the monthly payments low.

Definitely not for everyone, and I would warn against it unless you already have the money on hand, would be willing to part with it in 4 years, and can earn more than the interest you'd pay, but for some it may be worth looking into. (I think the rate for the payment saver is 4.24 instead of 3.99). Also, be aware that the 3.99 rate is online only...if you go into a branch it'll be more.

[Blade]

^ Right On.

[USCG]

I guess I just wait untill the end of feb or the 1st couple wks in March to apply for a loan. I just paid all my debt off two wks ago and if I applied now I would get denied for sure b/c nothing has changed on my credit report. How long does it usually take to come up on my score when everything is paid in full? Also who does "Pentagon FCU" use to get their FICO score from?

[Jim Thompson]

Originally Posted by Rockmont

You can get the USAA $750 easily w/o it.

Originally Posted by NoUCantDriveIt

How so Frank? (if I'm not military/ex-military, nor related to someone who is.)

USAA will allow non military to sign up for a few different accounts such as checking or savings. once signed up you are then eligible for the rebate

[FutureCamaroOwner]

Takes 60-90 days

[USCG]

should I just dispute everything that I just paid off so if helps my credit score with in 30 days?

[FutureCamaroOwner]

Well it doesn't necessarily look good when you do that. I'm doing the same thing. Have a few more things to pay off but have already had some thongs deleted. I'm looking to purchase June 7th. I want one if the first 2011's

[USCG]

Originally Posted by FutureCamaroOwner

Well it doesn't necessarily look good when you do that. I'm doing the same thing. Have a few more things to pay off but have already had some thongs deleted. I'm looking to purchase June 7th. I want one if the first 2011's

why doesn't it look good when I dispute everything I already paid off in full?

[Milk 1027]

How about if the credit sore is non-existent.

I'm just starting to build my credit score.

[FutureCamaroOwner]

When things are in dispute status there show as a pending dispute. It's good if it's stuff you paid off, I was under the impression you were going to dispute everything in your report lol. My apologies. It will also help if you have the papers from them saying you have paid it off. Try to get a "deletion" note. They then by law have to completly take it off your report

[FutureCamaroOwner]

Originally Posted by Milk 1027

How about if the credit sore is non-existent.

I'm just starting to build my credit score.

Well to be honest no credit is better than bad credit. I have "fixed" credit (bad is now good) so I am hoping my loan process will be easy. I went to my local credit union and opened a credit builder loan. That is something you should look into. There small, like a thousand but it shows you have a loan and that you are responsible. Credit cards help also just keep them under 30%. 10% is better. This is just some of the things I have learned going through my process of improving my credit.

[Milk 1027]

Originally Posted by FutureCamaroOwner

Well to be honest no credit is better than bad credit. I have "fixed" credit (bad is now good) so I am hoping my loan process will be easy. I went to my local credit union and opened a credit builder loan. That is something you should look into. There small, like a thousand but it shows you have a loan and that you are responsible. Credit cards help also just keep them under 30%. 10% is better. This is just some of the things I have learned going through my process of improving my credit.

I'm looking to get a credit card sometime soon. I know how it works and I'm good at managing my money, so I won't have trouble. I'm just wondering if having no credit affects your loan. Hopefully it doesn't. I'll go to the local credit union and ask about other ways to build my credit score.

[USCG]

Originally Posted by FutureCamaroOwner

When things are in dispute status there show as a pending dispute. It's good if it's stuff you paid off, I was under the impression you were going to dispute everything in your report lol. My apologies. It will also help if you have the papers from them saying you have paid it off. Try to get a "deletion" note. They then by law have to completly take it off your report

Do I ask for a deletion note from equalfax? Do they automaticly delete it if it's paid in full?